Material Exception definition

Material Exception shall have the meaning assigned thereto in the Custodial Agreement.

Material Exception has the meaning set forth in Section 1.2(a) of the Custodial Agreement.

Material Exception means any exception to title or matter shown on any amendment to the Title Commitment or revisions to the Survey issued after the expiration of the Inspection Period (a) that was not disclosed on the latest version of the Title Commitment received by Purchaser at least five (5) business days prior to the expiration of the Inspection Period, the Existing Survey, or the latest version of the Survey received by Purchaser at least five (5) business days prior to the expiration of the Inspection Period or that did not exist prior to the expiration of the Inspection Period, and (b) is not a Permitted Exception hereunder.

Examples of Material Exception in a sentence

• If Purchaser does not object to any Material Exception first raised in an amendment to the Title Commitment issued after the expiration of the Inspection Period by giving timely written notice as herein provided, such Material Exception shall be a Permitted Exception.

• In the event the Custodian shall discover any defect or circumstance with respect to a Timeshare Loan as set forth on Annex A attached hereto (a “Material Exception”), the Custodian shall notify the Servicer, the Administrative Agent and the Indenture Trustee of such Material Exception in the applicable periodic report of the Material Exceptions applicable to the Timeshare Loans (a “Material Exception Report”).

• Upon receipt of any documents not initially included in a Timeshare Loan File delivered to the Custodian hereunder, but subsequently Delivered thereto for the purpose of curing a Material Exception previously identified in a Material Exception Report (all such documents, “Trailing Documents”), the Custodian shall within five Business Days following such receipt, deliver an updated Material Exception Report to the Administrative Agent (with a copy to the Indenture Trustee, the Servicer and the Issuer).

• In the event Purchaser gives timely written notice of objection to any Material Exception as herein provided, the provisions of Section 2.3(b) – (d) shall apply with respect thereto as if set forth herein in full.

• In the event Purchaser gives timely written notice of objection to any Material Exception as herein provided, the provisions of Section 2.3 (b) - (d) shall apply with respect thereto as if set forth herein in full.

More Definitions of Material Exception

Material Exception means, with respect to any Mortgage Loan, any Exception listed on an Exception Report consisting of the absence from the Mortgage File, or deficiency in respect of, any of the fatal exceptions for Mortgage Asset Documents as set forth with an "F" in the document exception codes attached as Exhibit L hereto.

Material Exception means, with respect to any Mortgage Loan, ------------------ any Exception listed on the Exception Report consisting of the absence from the Mortgage File, or deficiency in respect of, any of the Mortgage Loan Documents set forth in Section [2(I)(a), 2(I)(c), 2(I)(d), 2(I)(e), 2(I)(f), or 2(I)(g) of the Custodial Agreement].

Material Exception means, with respect to any Asset, any Exception listed on the Asset Schedule and Exception Report consisting of the absence from the Asset File, or deficiency in respect of, any of the Asset Documents set forth in Section 2(a)(i), 2(a)(iii), 2(a)(iv), 2(a)(v), 2(a)(vi), 2(a)(vii), 2(b)(i), 2(b)(iii), 2(b)(iv), 2(c)(i), 2(c)(ii), 2(c)(iii), 2(d)(i) or 2(d)(ii) of the Custodial Agreement.

Material Exception is defined in Section 4(c)(viii).

Material Exception means, (a) (i) with respect to any Mortgage Loan, any Exception listed on the Exception Report consisting of the absence from the Mortgage File, or deficiency in respect of, any of the Mortgage Loan Documents set forth in Section 2(I)(a), 2(I)(c), 2(I)(d), 2(I)(e), or 2(I)(g) (other than with respect to Document Deficient Assets), or (ii) for which the information set forth in Section I of Annex 1 to the Mortgage Custodial Agreement is incomplete, (b) with respect to any Eligible Bond or Underlying Eligible Bond, any deviation from the document requirements set forth in Section 5.02(g) hereof, and (c) with respect to any Participation Certificate, any deviation from the document requirements set forth in Section 5.02(f) or the absence from the Participation Certificate File of any document or information required therein.

Material Exception means, (a) (i) with respect to any Mortgage Loan, any Exception listed on the Exception Report consisting of the absence from the Mortgage File, or deficiency in respect of, any of the Mortgage Loan Documents set forth in Section 2(I)(a), 2(I)(c), 2(I)(d), 2(I)(e), or 2(I)(g) (other than with respect to Document Deficient Assets), or (ii) for which the information set forth in Section I of Annex 1 to the Mortgage Custodial Agreement is incomplete, (b) with respect to any Eligible Bond or Underlying Eligible Bond, any deviation from the document requirements set forth in

Material Exception is defined by the Administrator as any difference between actual and reported data in excess of three percent (3%) and not resulting from the fact that the interest rate per the data file provided by the Servicer truncates the interest rate to two decimal places.